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FREJA Transport & Logistics A/S strengthens its position in Norway with the acquisition of Thoresen Transport AS

September 27, 2021

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As of October 1st, 2021, the Danish logistics operator FREJA Transport & Logistics A/S acquires 80% of the Norwegian company Thoresen Transport AS. FREJA is part of the international group United Shipping & Trading Company (USTC), and the acquisition strengthens the group’s position as one of the leading companies in the Nordic transport market.

Thoresen Transport has had a positive development for many years and is recognized for its good customer service and high quality. In the current financial year, a turnover of a minimum of 135 million NOK is expected.

“We have been looking for the right partner for a long time, and when the opportunity arose to acquire the majority stake of Thoresen Transport, it was quite an easy decision. With the acquisition, we are now ready to deliver even better service to our customers through higher quality and a broader portfolio. There is no doubt that their customer segments fit perfectly into FREJA’s Norwegian business”, says Ulrik Rasmussen, Group CEO of FREJA Transport & Logistics Holding A/S.

Thoresen Transport is a well-established transport and forwarding company in Larvik, which was founded in 1982 by the current owner and founder Lars Thoresen and his brother Knut Thoresen. The company currently has 25 well-qualified employees working with national and international transport, container transport, and customs/forwarding. Following the acquisition, Lars Thoresen will continue as head of Thoresen Transport, which will have its office, warehouse, and terminal facilities at the current central location at Larvik Harbor.

“Since we founded the company, it has been our ambition to create growth and expand our business areas. I am very proud and happy that Thoresen Transport from now on will be part of FREJA as we have collaborated for the past nine years in Vestfold, Buskerud, and Telemark. We have full confidence that the culture and the strong values that characterizes the company will continue, even with a new main shareholder”, says Lars Thoresen, the current owner of Thoresen Transport.

Focusing on growth going forward

FREJA Transport & Logistics looks forward to the new collaboration and emphasizes that the growth ambitions have not been reached with this acquisition:

“We are constantly looking for good, well-operated companies that share the same values as us and can help us meet our long-term goals. Therefore, this acquisition is a natural step towards developing FREJA and our growth strategy”, says Ulrik Rasmussen.

Lars Thoresen will continue to hold the remaining 20% of the shares in Thoresen Transport, and the company will keep the name Thoresen Transport AS.

The agreement is subject to approval by the relevant competition authorities. The transaction price will not be disclosed.

Media enquires

Group Communications

Phone: +45 7879 8228

press@ustc.dk

 

Terms of user for images

Please note that USTC Group owned images may only be used in editorial publications.

SDK FREJA Group is a full-service logistics and shipping company. The main activities of SDK FREJA include freight forwarding within Road, Air & Sea, Project, Logistics, as well as Stevedoring, Agency, Customs Clearing, Commercial Chartering, Liner and Cruise services. 

The company offers specialist logistics solutions within Healthcare, Warehousing and Refrigeration and is locally based in Northern Europe including strategic positions in China and Spain. SDK FREJA is one of the few independent and privately owned local mid-sized logistics and shipping companies. With +1200 employees in eight countries the focus is on providing one entry point for a consistent and effective solution within the business areas.